CRA 06/21/2012 Minutes - Laserfiche WebLink

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Community Redevelopment Agency June 21, 2012 Page 3 of 6 Ms. Duvall explained that if the loan defaulted the bank would go after the personal guarantee and then the collateral would be the last resort. She said the collateral is used to allow the bank to provide an extremely low cost administration loan for the CRA project. A general discussion ensued regarding the collateral for the loan, the property owner financing the property, the total amount of the renovation costs and using BUT as the loan agent in lieu of the CRA loaning the money. Mr. Vince Wolle, Results Realty Partners, said he has been the broker of record on the property for the past ten years. He said in the past there have been other brokers for the property that have been unable to lease this space. In response to the Board's suggestion regarding the property owner financing the property, Mr. Wolle said the property owner acquired the note from the previous lender. He said the property owner has over $1 million invested in the property and are unable to invest another $125,000 for the improvements. Mr. Wolle felt that Multi- Cultural Media Solutions is creating the right type of jobs in this market and would attract other types of uses to the City of Casselberry. Mr. Wolle felt there was an issue with the space because it has not been leased in over 12 years. He said in order to cure the space capital needs to be injected. A general discussion ensued regarding the CRA providing economic opportunities in the corridor and the proposed grant/loan support for Multi- Cultural Media Solutions. Mr. McGregor made a motion to approve this item as presented. Mr. Jones seconded the motion. The motion passed unanimously by voice vote. Mr. Trueba excused himself from the meeting at 10:10 a.m. Fifth Item of Business: Proposed Budget for F.Y. 20122013 continued. Mr. Donald Martin, Community Development Director, reviewed the CRA 2012/2013 proposed budget (a copy of the proposed budget is attached and made a part of the minutes). Mr. Martin said there are two capital budget requests: 1. Budget $500,000 for property acquisition for possible acquisition of Lily Chan's property adjacent to City Hall 2. $70,000 for a fountain in Grassy Lake — (shared cost with Public Works Department) Mr. Martin explained that funds were budgeted in past years for the fountain but were eventually dropped from the capital investment program.